Bank fraud

Bankfraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime.

Types of bank fraud

Stolen checks

Fraudsters may seek access to facilities such as mailrooms, post offices, offices of a tax authority, a corporate payroll or a social or veterans' benefit office, which process cheques in large numbers. The fraudsters then may open bank accounts under assumed names and deposit the cheques, which they may first alter in order to appear legitimate, so that they can subsequently withdraw unauthorised funds.

Bank fraud

Bankfraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime.

Types of bank fraud

Stolen checks

Fraudsters may seek access to facilities such as mailrooms, post offices, offices of a tax authority, a corporate payroll or a social or veterans' benefit office, which process cheques in large numbers. The fraudsters then may open bank accounts under assumed names and deposit the cheques, which they may first alter in order to appear legitimate, so that they can subsequently withdraw unauthorised funds.

Latest News for: Bank fraud case

Letha, the Pro-Vice-Chancellor of Jain University (Kochi campus) and former VC of Cusat, has lost nearly Rs 2 Lakh in an online bankingfraudcase...StateBank of India on Friday ... “In this case, they got the OTP to unlock the internet banking account and transferred the money....

Nirav Modi and his uncle Mehul Choksi are alleged to be the main perpetrators of India's biggest bankfraudcase that came to the fore last year. The case pertains to cheating the state-run PunjabNationalBank through fraudulent ... The CBI is also probing this bankfraudcase....

... Deepak Modi in connection with a money laundering case ... Nirav Modi is the prime accused in Rs 13,500- crore PunjabNationalBank (PNB) fraud and money laundering case ... Cases against him are also going on in India.&nbsp;....

Interpol has issued a red notice against Nirav Modi’s step-brother Nehal Modi in the PNBfraudcase.&nbsp;. The notice against the Belgian national was issued on the request of the Enforcement Directorate (ED) that is probing India’s biggest bankfraud. The CBI is also investigating the case....

The pair were able to post bail in their Lehigh Countycases, but were arrested this past January in their federal cases... This week Eromosele, 31, pleaded guilty in federal court to conspiracy to commit bankfraud ... Conspiracy to commit bankfraud carries a maximum sentence of 30 years in prison and a maximum fine of $1 million....

"We have set up a panel which will look into all fraud related cases and bankers will be given protection. Frauds must be reported timely without any fear of repercussions. Be assured that the government is standing with the banking industry ...Feel free and take decisions in the interest of the banks and the country," he said....

... chopper money laundering case ... Puri, who is in judicial custody till September 17 in connection with a Rs 354-crore bankfraudcase filed by the CentralBank of India, was produced before the court after it issued a production warrant to him, yesterday....

The plea alleges that the charges by the probe agencies (the CBI and the enforcement directorate) do not even fulfill the basic requirement of it being an economic offence, as there was no loss to the exchequer nor was it a bankfraud... “In fact, in the present case, Rs 305 crore has come into INXMedia (i.e....